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Green CapitalA New Perspective on Growth$
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Christian de Perthuis and Pierre-André Jouvet

Print publication date: 2015

Print ISBN-13: 9780231171403

Published to Columbia Scholarship Online: May 2016

DOI: 10.7312/columbia/9780231171403.001.0001

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International Climate Negotiations

International Climate Negotiations

(p.137) 13 International Climate Negotiations
Green Capital

Christian de Perthuis

Pierre-André Jouvet

, Michael Westlake
Columbia University Press

One recurrent obstacle to the establishment of a carbon price at national or regional levels stems from the classic problem of “free riders.” The climate is a “planetary common good” whose deterioration risks causing major damage and whose protection requires immediate action. For each actor in isolation, there is no correlation between the level of effort he agrees to make in order to reduce emissions and the benefit he will derive in the form of less damage. The role of economic instruments based on carbon pricing on an international scale is twofold: to encourage a growing number of actors to invest in the production and consumption of low-carbon goods and services; and to use this new environmental value to align the strategic interests of players attracted to individual strategies of climate risk circumvention.

Keywords:   ozone layer protection, Kyoto protocol, Copenhagen Accord, Paris climate 2015 conference, UNFCCC, IPCC

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